Farhad, Taghizadeh Hesary; Yoshino, Naoyuki - Faculty of Economics, Keio University - 2013
Since the first oil shock in 1973 oil prices began to increase drastically. The 1973 and 1979 oil price shocks can be explained by supply reasons, but since the 80's, oil prices came under another type of increasing pressure. We argue that this latter with the exception of first Gulf War...